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Canaccord Genuity analyst T. Michael Walkley this morning trimmed his estimates on BlackBerry's financial results for the February 2014 fiscal year, citing mixed initial sales of the new BB10-based Z10 touch screen phone and a later-than-expected launch of the phone in the U.S. Walker keeps his Sell rating and $9 target price on the stock.

"Our global surveys post the recent BlackBerry Z10 launch indicated mixed initial sales with limited initial supply cited as the reason for early post-launch stock-outs at some carrier stores rather than overwhelming demand," the analyst writes in a research note. "Our follow-up checks have indicated steady but modest sales levels. With new BB10 smartphones launching in the U.S. only in mid-March or later at subsidized prices no better than competing high-end Apple/Samsung smartphones, combined with our expectations for the Galaxy S IV to launch at a similar time frame in the U.S. market, we are lowering our BB10 sales estimates for the February quarter and all of F2014."

For the February quarter, Walkley now sees shipments of 300,000 units, down from 1.75 million. Walkley is projecting Z10 unit sales of 13.9 million for FY 2014, with total company-wide units of 31.78 million units.

The analyst adds that he thinks carrier support for the BB10 in the U.S. is "modest," with Sprint planning to skip the Z10 and wait for the keyboartd-based Q10, and T-Mobile planning to offer the Z10, but not the Q10. "Further, we anticipate carriers will not build large inventory levels for BB10, consistent with prior BB7 high-end launches, and will initially stock modest levels given the weaker consumer demand for high-end BlackBerry smartphones," he writes.

For FY 2013, Walkley now sees a loss of $1.18 a share; previous he was looking for a loss of $1.10. For FY 2014, he now sees a loss of 62 cents a share, wider than his previous forecast of a loss of 48 cents. For FY 2015, he's projecting a loss of $1.03 a share.